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Livermore
Livermore
ZHEN

TNF LLC

SEC CIK
0001849683
Latest filing
Oct 25, 2024

The latest 13F from TNF LLC covers Q3 2024 (filed Oct 25, 2024): 125 long positions worth $277.5M. The top 10 holdings make up 59.7% of the portfolio, and the largest is iShares Core S&P 500 ETF at 17.4%. Livermore has 13 filings on Form 13F from this institution, going back to Q3 2021.

What changed in Q3 2024

Share counts compared with Q2 2024: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$1.29M
Added
38
Est. +$2.47M
Reduced
45
Est. −$12.1M
Sold out
3
Est. −$645.3K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    17.4%$48.2M
  2. iShares Tr46434V613
    9.2%$25.6M
  3. iShares MSCI USA Quality Factor ETF46432F339
    5.3%$14.7M
  4. State Street SPDR Portfolio S&P 500 ETF78464A854
    5.2%$14.5M
  5. iShares S&P 500 Growth ETF464287309
    5.2%$14.5M

Biggest buys

New and added positions, by estimated amount bought

  1. Schwab US Aggregate Bond ETF808524839
    +$2.09MAdded
  2. UNPUnion Pacific Corp
    +$275.1KNewHistory
  3. iShares Core Dividend Growth ETF46434V621
    +$232.3KNew
  4. UPSUnited Parcel Service Inc
    +$214.4KNewHistory
  5. Vanguard Morningstar Small-Cap Value ETF922908611
    +$209.1KNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. UNPUnion Pacific Corp
    +0.10 pp0.0% → 0.1%History
  2. NVDANVIDIA Corp
    +0.09 pp0.3% → 0.4%History
  3. iShares Core Dividend Growth ETF46434V621
    +0.08 pp0.0% → 0.1%
  4. UPSUnited Parcel Service Inc
    +0.08 pp0.0% → 0.1%History
  5. Vanguard Morningstar Small-Cap Value ETF922908611
    +0.08 pp0.0% → 0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AVGOBroadcom Inc.
    −$6.46MReducedConverted for a 10-for-1 splitHistory
  2. iShares Tr464288414
    −$2.23MReduced
  3. iShares Core S&P 500 ETF464287200
    −$717.6KReduced
  4. iShares Inc46434G863
    −$532.9KReduced
  5. State Street SPDR Portfolio S&P 500 ETF78464A854
    −$313.0KReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. iShares Tr464288414
    −0.85 pp2.0% → 1.1%
  2. MRKMerck & Co., Inc.
    −0.53 pp2.8% → 2.3%History
  3. iShares Inc46434G863
    −0.18 pp0.3% → 0.1%
  4. iShares Tr46434V613
    −0.16 pp9.4% → 9.2%
  5. iShares Tr464289859
    −0.08 pp0.1% → 0.0%

Metrics

13F metrics for Q3 2024, computed only from the numbers in the filings. Definitions below.

Portfolio value
$277.5M
+$5.99M (+2.2%) vs. prior quarter
Positions
125
+3 vs. prior quarter
Top 10 concentration
59.7%
Top 10 as share of value
Turnover
1.4%
Q3 2024, one quarter
Average holding period
10.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q3 2021), so positions held before then are understated.

13F filings by quarter

13 quarters, going back to Q3 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $277.5M (Q3 2024)

Q3 2021: $232.8MQ4 2021: $238.4MQ1 2022: $221.9MQ2 2022: $209.5MQ3 2022: $195.6MQ4 2022: $219.8MQ1 2023: $222.3MQ2 2023: $229.2MQ3 2023: $215.4MQ4 2023: $252.0MQ1 2024: $252.6MQ2 2024: $271.5MQ3 2024: $277.5M
Q3 2021Q3 2024
13F filings of TNF LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2024Oct 25, 2024125$277.5MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q2 2024SEC
Q2 2024Jul 25, 2024122$271.5MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q1 2024SEC
Q1 2024Apr 25, 2024117$252.6MiShares Core S&P 500 ETFiShares TrState Street SPDR Portfolio S&P 500 ETFvs. Q4 2023SEC
Q4 2023Jan 30, 2024114$252.0MiShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 ETFiShares Trvs. Q3 2023SEC
Q3 2023Oct 20, 202395$215.4MiShares Core S&P 500 ETFiShares TrState Street SPDR Portfolio S&P 500 ETFvs. Q2 2023SEC
Q2 2023Aug 23, 202398$229.2MiShares Core S&P 500 ETFiShares TrState Street SPDR Portfolio S&P 500 ETFvs. Q1 2023SEC
Q1 2023May 1, 202398$222.3MiShares Core S&P 500 ETFiShares TrState Street SPDR Portfolio S&P 500 ETFvs. Q4 2022SEC
Q4 2022Feb 7, 2023106$219.8MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2022SEC
Q3 2022Oct 12, 2022103$195.6MiShares Core S&P 500 ETFiShares TriShares U.S. Treasury Bond ETFvs. Q2 2022SEC
Q2 2022Jul 25, 2022114$209.5MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2022SEC
Q1 2022Apr 25, 2022124$221.9MiShares Core S&P 500 ETFiShares TriShares U.S. Treasury Bond ETFvs. Q4 2021SEC
Q4 2021Jan 18, 2022137$238.4MiShares TriShares Core S&P 500 ETFiShares U.S. Treasury Bond ETFvs. Q3 2021SEC
Q3 2021Dec 13, 2021131$232.8MiShares TriShares Core S&P 500 ETFiShares U.S. Treasury Bond ETF–SEC